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Further Reading from MarketBeat.com Silver Hits $95—These 3 Miners Could Outrun the MetalReported by Chris Markoch. First Published: 1/23/2026. 
At a Glance - Silver prices have surged more than 200% year-over-year, driven by supply constraints and rising industrial and investment demand.
- Silver mining stocks offer leveraged exposure, often outperforming the metal itself during strong price rallies.
- Pan American Silver, First Majestic Silver, and Wheaton Precious Metals are well-positioned to benefit from silver trading above $95.
The first month of the year has put stocks on a roller coaster, reminding investors that volatility isn't going away anytime soon. Meanwhile, gold and silver have largely ignored the noise and moved higher. At the close of markets on Jan. 22, the spot price of silver breached $95 per ounce. That means silver has climbed more than 213% in the last 12 months — rivaling many of the hottest technology stocks. Can the rally continue, and how can investors participate if they don't want to hold physical metal? Can the Rally in Silver Continue? Jeff's offering two different bootcamp tickets: VIP and free. Free is free, but VIP gets you some awesome bonuses. I don't care which ticket you choose. Just so long as you choose soon, because space is limited for both. See how the Pro Trader System works. Instead of asking whether the rally will continue, a better first question is why silver is reaching new highs. Many analysts point to supply and demand dynamics. Silver is required for defense and space applications, and it plays a central role in fast-growing technologies such as electric vehicles, solar photovoltaics and electronics. So can the rally persist? Yes — there is a finite amount of silver, it is costly and time-consuming to mine, and bringing new supply to market takes years. More importantly, central banks and large private investors are purchasing precious metals. These buyers are often motivated by concerns about fiscal sustainability, monetary credibility, currency debasement, and geopolitical uncertainty rather than short-term speculation. Mining Stocks Give You a Leveraged Way to Own Silver For investors who want exposure to silver without dealing with storage and security, mining stocks are an attractive alternative. They typically provide leveraged exposure to silver prices: when silver rises 10%, mining stocks can move 15%–20% or more because higher prices flow directly to corporate profits. With that in mind, here are three silver-related stocks positioned to benefit from this rally. Pan American Silver Pan American Silver Corp. (NYSE: PAAS) operates one of the largest primary silver portfolios in the world, with assets in Mexico, Peru, Canada, Argentina, and Bolivia. The company produced roughly 20 million ounces of silver in 2024, making it a pure-play option for investors seeking direct exposure to rising silver prices. Pan American's strengths include a diversified asset base and operational scale. Flagship operations such as the La Colorada mine in Mexico and Cerro Moro in Argentina give the company immediate ability to benefit from higher prices. As silver pushes past $95, Pan American's profit margins have expanded materially. The company also produces gold, zinc, and copper as byproducts, which provides additional revenue streams that help offset costs. For investors seeking an established operator with proven reserves and the infrastructure to benefit from higher silver prices, PAAS stock offers compelling upside potential. First Majestic Silver First Majestic Silver Corp. (NYSE: AG) is one of the few remaining pure-play silver producers, with all operations concentrated in Mexico. The company runs multiple producing mines and has consistently maintained production around 12 to 15 million silver-equivalent ounces annually. First Majestic's vertical integration includes a bullion store where it sells coins and bars directly to consumers, allowing the company to capture retail premiums during price rallies. The company has also been disciplined with capital allocation, focusing on high-grade deposits and maintaining relatively low all-in sustaining costs. With silver above $95, First Majestic's margins are widening rapidly. Its concentrated focus on silver — rather than diversifying heavily into other metals — gives investors purer exposure to silver price movements. That leveraged effect is evident: while the spot price of silver is up roughly 213% year over year, AG stock has risen about 331% over the same period. Wheaton Precious Metals Wheaton Precious Metals Corp. (NYSE: WPM) operates under a different model than traditional miners: it is a streaming company. Rather than running mines directly, Wheaton provides upfront capital to mining companies in exchange for the right to purchase silver and gold at reduced prices over the life of the mine. This model offers several advantages. Wheaton avoids many operational risks, capital expenditures, and permitting delays that can affect miners. The company enjoys industry-leading profit margins — often exceeding 60% — because it buys metals at fixed, below-market prices. With streaming agreements covering more than 20 mines across the Americas, Wheaton provides diversified exposure without single-mine concentration risk. As silver climbs past $95, Wheaton's existing agreements become more valuable because it continues to buy at predetermined prices well below spot. For relatively conservative investors seeking silver exposure with lower operational risk and high margins, WPM is a compelling option. WPM stock is up 143.87% in the last 12 months. Keep in mind that although mining and streaming stocks offer leveraged exposure to silver, they also carry company-specific risks — including operational, geopolitical, and management risks — that don't affect the metal itself. Investors should conduct due diligence and consider their risk tolerance before investing.
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